How to Calculate Gold Loan per gram

Last Updated: 15 Oct 2024

A practical means of obtaining finances when you require money right away, gold loans have become a lot more popular in recent times. Also, it is advised that you use an online EMI calculator before applying for a gold loan. You can estimate the repayment obligation in advance thanks to this.

Here are some common documents you require while applying for a gold loan. Keep in mind that these may differ from one lender to another:

• Aadhar card
• Residence proof: Electricity bill, driving license, etc
• PAN Card depending on the loan amount

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Other factors to keep in mind while applying for a gold loan:

• The applicant should be in the age group between 18 to 75 years
• The gold should have a purity of 18 to 22 karat
• The lender will usually provide a loan for about 75-80% of the gold ornament’s value.
• The borrower should be an Indian national
• Usually, a high CIBIL score is not required by most lenders as the loan is secured by the gold ornament.

What is gold loan eligibility per gram?

The proportion of gold value that will be used to determine a borrower’s eligibility for a gold loan is referred to as gold loan eligibility per gram. The value of your gold will depend on the purity of the gold, the weight of the gold items, and the price of gold on that specific day. The gold loan eligibility per gram refers to the percentage of this gold value that the lender will generally lend.

Gold loan per gram

The loan amount a borrower will receive for a gold item will vary from one lender to another as different lenders follow different policies. In general, you can get the exact amount that you will receive per gram by using that lender’s gold loan calculator.

Just enter the number of ornaments that you are willing to pledge, and their purity, and limit the weight to 1 gm. Most lenders require a minimum of 1 gm of gold ornament in order to provide a gold loan.

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The amount displayed on the screen will be a rough estimate as to what will be loan amount you can expect for the particular ornament per gram. It is necessary to understand that this amount can vary from one lender to another and other factors like lender reputation and safety of the gold ornament should also be kept in mind while comparing lenders.